Dredging Corp shares down nearly 5% ahead of stake sale tmrw

Shares of Dredging Corporation of India fell by nearly 5 per cent today ahead of the company's stake sale tomorrow.
The stock declined by 4.75 per cent to settle at Rs 387.30 on BSE. Intra-day, it tumbled 5.43 per cent to Rs 384.50.
On NSE, the stock slipped 4.53 per cent to Rs 387.65.
Government today fixed Rs 382 apiece as the floor price for 5 per cent stake sale in Dredging Corporation of India (DCI) tomorrow, a move that is likely to fetch it Rs 54 crore.
"Government of India the promoter of Dredging Corporation of India Ltd has informed the floor price for the offer in terms of the SEBI OFS circulars shall be Rs 382 per equity share... ," the company said in a regulatory filing.

At today's closing price the government could raise about Rs 53.48 crore from the stake dilution.
The government will sell up to 14 lakh shares of face value of Rs 10 each, representing 5 per cent of the total paid up equity share capital of the company, through Offer for Sale tomorrow.
DCI helps ensure the continuous availability of the desired depths in shipping channels of the major and minor ports, navy, fishing harbours and other maritime organisations.